Rents Increase Nationally, Small Cities Lead the Hike

Across the US, apartment rents rose for the fifth consecutive year, an average of 3.6% in 2014. The national average rent is now $1,124.38, the highest recorded, and the vacancy rate is 4.2%, the lowest since 2000. While most rent increases affect the largest cities, this one squeezed the small- and mid-sized ones, with sizable hikes in San Jose, Denver, Seattle, and Charleston.